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in washington? >>> president obama presses the case for tax hikes on the rich, and the tax cut extension for the middle class, now. >> if congress does nothing, every family in america will see their taxes automatically go up at the beginning of next year. >> but republicans aren't budging, accusing the president of avoiding tough choices on spending and wasting time in the effort to avoid the fiscal cliff. >> it's not a serious proposal. and so right now, we're almost nowhere. >> will there be a deal by the end of the year? and what are the consequences for the economy if there isn't one? we'll ask the president's lead budget negotiator, treasury secretary tim geithner. >>> then the view from capitol hill. are democrats as divided over cutting medicare as republicans are over tax increases? with us, two voices calling for compromise. republican senator bob corker of tennessee and democratic senator claire mccaskill of missouri. >>> finally, our special economic roundtable. as both sides battle over the nation's fiscal health, what can we expect from the economy in a second obama term? w
the republican author of tax revenue increases. president obama, maintaining a highly believable effort of the white house and congress to resolve differences that would avoid the fiscal cliff. that is $1.2 trillion in automatic budget cuts and $600 billion in tax hikes that would result from the expiratin on december 31, te consequences would simply be devasting. the economic impact on the country and the american people would mean the loss of hundreds of thousands, if not millions of jobs. e very likely onset of yet another recession. the white house timothy geithner on capitol hill today. he went there empty-handed to meet the party leaders. house speaker john boehner who has already offered to raise tax revenue finds himself not in a negotiation, but rather competing in the white house media campaign. this is how speaker boehner reacted earlier today to the demands of the white house that were laid out by timothy geithner in a closed-door meeting. the treasury secretary reiterating the president's call for $1.6 trillion in new tax revenue and timothy geithner rrently offering nothin
duty increase, freezing tax are raising the personal allowance next year he thinks will be most benefit for the family? >> what i would say to my honorable friend is with have to take some difficult decisions. we've had to take difficult decisions on welfare of bring along tax breschel, operating but i try to help families were can with the personal allowance, with fuel duty. i've tried to help business. it will be extremely welcome. >> how can the chancellor seriously attend he -- [inaudible] when the 7 billion pounds he referred to today we take up to seven years to realize at the rate of 1000 a year against the rate of tax avoidance of 35 billion year? when the general anti-avoidance will be also refer to is far too narrowly drawn to be effective, and if you would listen to this, when he himself is actually now introducing a tax cut, tax havens from 23% to just 5%. >> what i would say is i don't think he's got the right figures. we are increasing the amount recovered of taxes that should have been paid from 13 billion under the labour government to 20 billion. it's an 11 billion poun
of a government-insured reverse mortgage. it will eliminate your monthly mortgage payments and give you tax-free cash from the equity in your home. and here's the best part -- you still own your home. take control of your retirement today. ♪ ♪ well, having a ton of locations doesn't hurt. and a santa to boot! [ chuckles ] right, baby. oh, sir. that is a customer. oh...sorry about that. [ male announcer ] break from the holiday stress. fedex office. >>neil: and if republicans thought there was wiggle room in the white house tax position no less than treasury secretary geithner put that to rest. >> rates and revenues, tax rates, tax rates, tax rates. higher rates. rates go up. tax rate increases. higher rates. rates will we have to go you. rating rates. tax rates going up. >>neil: we will have a quiz. what was he saying? a lot? that is the administration's way saying tax rates or take a hike. >>guest: the president is in an ideological position and geithner who is famous for not paying taxes is perfectly happy to carry white house water on capitol hill and on the tv shows and this, really
. ♪ >> chris: the president is demanding higher tax rates. congressional republicans want deeper spending would you tell us and entitlement reform. will they make a deal before we bring in the new year with a round of tax increases for all of us? we'll ask the two men at the center of the negotiations, where we really stand. for the president, treasury secretary timothy geithner, for the g.o.p., house speaker john boehner. geithner and boehner, only, on fox news sunday. >>> plus we have seen this movie before. the two parties edging closer and closer to the brink. we'll ask our sunday panel whether we'll get a happy ending for an economic disaster. >>> and our power player of the week, a young beauty queen has to make a tough choice, all, right now on fox news sunday. ♪ >> chris: and, hello again from fox news in washington. well, we had quite a day around here, friday. with talks to avoid the fiscal cliff deadlock and everyone saying, the other side is to blame, treasury secretary geithner scheduled a round of interviews, then, friday afternoon, speaker boehner's office called to say he want
recommendations in the report create 1.7 million jobs. everyone talks about taxes and what's going to happen with the fiscal cliff. in the last 10 years there's been $1,500 for every american consumer has gone to increased oil prices. $1,500. we're now talking about $2,000 take the tax cuts make a different for middle-class americans. you can get them that tax cut today if you invested in our report. and then everybody talks about entitlements. the social security administration trustees have said that high oil prices make the social security trust insolvent five years sooner than they would if you didn't have high oil prices. look, we all know what america needs. america needs jobs. america needs growth. following the recommendations in our report will lead to both of those. that's going to be good for the politicians, it's going to be good for the consumers, it's going to be good for american business. >> let me bring in the senators here to ask about -- i'll start with you, senator alexander. if you could just tell me a little bit about energy policy in this country and where it fits in i
a month, nearly $400 billion in tax increases will combine with sequestration, more than $100 billion in mandatory across-the-board spending cuts over one year, to drag our nation over the so-called fiscal cliff. what those tax increases mean to an average american family of four earning $50,000 a year is over $2,000 in higher income taxes. add to that expiration of the alternative minimum tax patch, new taxes mandated by the federal health care bill, and the reinstatement of the death tax, which will impact the next generation of farmers, ranchers, and small business owners, which americans will see the largest tax increase in the history of our country. if all of this happens, the congressional budget office predicts the nation's economy will shrink next year and the unemployment rate could rise again. in other words, we go back into recession. i believe we can avoid the fiscal cliff and address our massive deficit but that requires doing three essential things: reforming our tax code, reforming entitlement programs, and better controlling our spending. we can get additional revenue
, timothy geithner blaming republicans saying they have to raise taxes in order to avoid going over the cliff. rich edson in washington with the latest, rich? >> they are stuck on this offer, which the white house says is less of an offer and the same position the administration staked out in its jobs bill and deficit proposal over the last couple years. half trillion in tax increases or trillion and a half in tax increases, $600 billion in spending cuts, more spending, and a permanent increase in the debt ceiling. on fox news sunday, boehner called that deal a joke. >> just flabbergasted. i looked, and said, you can't be serious? i just never seen anything like it. we got seven weeks between election day and the end of the year. three of those weeks have been wasted with the nonsense. >> okay. you heard them, the first time in two decades now, acknowledge they want revenues up as the balanced plan, a good first steppedded, but they have to say what they do operates and revenues. that's hard for republicans. >> runs of billions of spending cuts, tax increases begin in less than a mo
for an emergency, just in case. this is not acceptable, to hold middle class tax cuts hostage simply because they don't want tax rates on upper income folks to go up. right? that doesn't make sense. megyn: but some house republicans are describing the latest offer from the white house as absurd. they say the president ran on a platform to raise rates on top earners. that would amount to about $800 billion in new tax revenue they say he's now asking for double that amount, close to $1.6 trillion in new taxes. republicans also argue he calls for a balanced approach but asking for about four times as much in tax hikes as there are in possible spending cuts, all of which on the spending cut front would come later: possible spending cuts, all of which on the spending confront will come later. he also wants to permanently do away with the congress approves debt limit, effectively giving himself a blank check to add as much the sequence to a national debt that already stands at $16 trillion. moments ago, speaker of the house speaker boehner saying that the democrats plan is not going to fly. >> the
, have ridden the train of dividend paying stocks. if we go over the cliff and dividend taxes -- >> not so much. well over 60% of mutual funds are held in qualified plans. >> that doesn't matter. >> it does matter. >> 40% of the investors are going to be subject to 43.4% dividend taxes. those shares go down in price, and it affecting people who have pension plans. >> maybe, but a lot of people like insiders and other types of long-term institutions are not going to sell their stock based on a 15% dividend tax rate. >> you don't think they're going to sell if dividend taxes go to 44%? >> i don't. i'm in the minority here. the stock market has done better when the dividend tax rate was considerably higher than it's been for the last ten years. >> but 44%, christian? >> well, it is certainly a lot. a lot of it is tax shelter. it's not going to hit everybody and have quite the impact everyone expects. >> ron and rick, we haven't forgotten about you guys. how do you play this while we go through this volatile period before the end of the year? >> i think the market's finished disco
for progress of this moment. the clock is ticking down. end the year for mandatory tax hikes set to kick in. welcome to new hour of "america's news headquarters." i'm eric shawn. >> i'm jamie colby. more talk of the miscall cliff is coming. house speaker john boehner in an exclusive interview with "fox news sunday" saying, "we're nowhere" in fiscal cliff talks with democrats. treasury secretary tim geithner saying and telling chris wallace republicans must accept the tax hikes for the wealthy to reach a deal. a deal is what we are after. peter doocy live in washington with more. peter, tell us first, speaker boehner -- the big problem right now with the white house proposal that was just presented. >> jamie, speaker boehner says he was flabbergasted when the treasury secretary geithner came to capitol hill and told him what the president wants. and this is why. >> the president is asking for $1.6 trillion worth of new revenue in ten years. twice as much as he has been asking for in public. he had stimulus spending in here that exceeded the amount of new cuts he was willing to consider. it w
to go until all of us are hit with tax increases, takes it across the board a cut of $55 billion. people have it in their power to avoid the so-called fiscal cliff aren't negotiating, they're not debating right now, so many of them simply leaving town. but there's more going on than meets the eye. let's bring in our senior congressional correspondent dana basch, she has the latest. >> reporter: there's so much political theater around here right now, you could say tickets. one of today's acts was the house leaving. lawmakers streaming out of the capitol hill, racing to their cars to get to the airport and go home. it's a scene you usually see on a thursday afternoon or friday morning, not wednesday at noon. >> good morning. >> house republican leaders told members they're free to leave, because they have nothing to vote on. >> i understand that you are saying legislation has been put on the floor. when it comes to just pure optics of the house leaving with the fiscal cliff right in front of us -- >> i'll be here and i'll be available at any moment to sit down with the president to get se
be breaking down in washington's effort to head off a series of automatic tax hikes and spending cuts that will hit americans hard in the new year unless something is done to stop it. welcome to "america live," everyone, i'm megyn kelly. treasury secretary timothy geithner headed to capitol hill today, in fact, he's still there, meeting with congressional leaders on both sides of the aisle. but after his sit-down with the speaker of the house, john boehner, mr. speaker boehner came out and told reporter that is the treasury secretary offered no new substantive plan and would not address the issue of spending cuts at all. as we reported on this show yesterday, it is no longer clear that the white house even wants spending cuts in this initial deal. it wants solely tax hikes, or at least that's all that it's been talking about x that now -- that dichotomy -- is becoming a big issue. here's the speaker. >> two weeks ago we had a very productive conversation at the white house. but based on where we stand today, i would say two things. first, despite the claims that the president supports
is very important. we're trying not just to prevent a tax increase on 98% of americans, we're trying to go beyond that's going to be good for the long term american economy. >> but you said you're getting closer, they're saying you're getting much farther apart. they say that this is not a serious proposal. >> we have a very good plan. we have a very good mix of tax reforms that raise a modest amount of revenues on the wealthy 2% of americans. combined with very comprehensive, very detailed savings that get us back to the point where the debt is stable and favorable. if we can do that carefully, we can invest in things to make america stronger. we can rebuild infrastructure. we think those are good investments in america and we think we can afford them. >> let's look at an outline of what republicans said they heard in the meeting. $1.6 trillion in tax increases over the next ten years. $50 billion in stimulus spending right now. $400 billion in unspecified medicare cuts. over the next ten years. and then, permanent authority to increase the debt limit the president wants that authority. t
they would be impacted by a tax increase, she says in part, we truly are a picture of the 21st century middle class family, so $4,000 means we would lose much of our hope of growing our new business. you hear the republicans talk about small business owners and entrepreneurs, and here's a face of at least one family that says they could be socked if a deal is not reached. eugene. >> that's right, tamron. this is the president continuing to put on the pressure. he's winning the public argument. this is the more favorable field of battle for him, is out in public opinion. he's out in the country. so he continues to do that. the more favorable field of battle for the republicans is inside a closed room where they still have the power of the majority of the house. so the president continues to do what's more favorable for getting the outcome he'd like to have. >> michael, i hate to bring you in. i hate to say this is how the game is played, but at this point it's about optics because both sides put the first proposals on the table. here you have this family, the face of america or so many america
and put on the table? >> he put out a number of $1.6 trillion in new taxes. that was, according to republican officials, a surprise. they expected a much smaller number and that has republicans crying foul. additional spending on medicare to pay doctors, protecting middle income americans from a tax hike. $50 billion in stimulus. and in return $400 billion in medicare and other savings next year and an agreed mechanism for allowing a vote on a debt ceiling increase republicans are not at all pleased with this, publicly crying foul. the white house has said that they have signed into law $1 trillion into tax cuts next year and will rg to compromise on more. bottom line, most sides seem more dug in than they did before, erin. >> certainly a day that was pretty grim on that front. thanks very much and that 1.6 trillion, everyone, surprising republicans and a crucial number especially when contrasted with the 4 billion this entitlement cuts. i want to tell you the republican response as jessica indicated. they didn't want anything to do with geithner's plan. yesterday, john boehner
conversations] [laughter] we are talking about what extent a middle-class tax breaks for me to middle-class families. today at 2:00 p.m., people can ask the president questions on twitter with the hash tag my 2k. after that, this come in this afternoon from the president has a bilateral meeting with the prime minister of bulgaria and this is an important relationship with bulgaria. the president will deliver a speech about 4:00 p.m. commemorating the 20th anniversary of the threat reduction program, which as you know, was authored by richard lugar. it has resulted in a regime that allows us to achieve our the president's highest priorities, and that is to secure safety around the world. it is important have to remember that when it comes to these kinds of objectives, democrats and republicans, we can come together and see very important things come and the president looks forward to this. we also want you extend our congratulations to the duke and duchess of cameras that they are expecting their first child. >> i haven't had that conversation with them. in another they feel that havin
. the headline is that he put out a number of $1.6 trillion in new taxes. that was at according to republican officials, a surprise. they expected a much smaller number and that has some republicans crying foul. he proposes extending unemployment insurance. continuing the dock fix. that's approving additional spending on medicare to pay doctors. the amt patch protecting middle income americans. $50 billion in stimulus next year and in return, the administration would offer $400 billion in additional medicare and other entitlement savings next year to be spelled out as they negotiate. there would also be an agreed mechanism for allowing a vote on a debt ceiling increase for perpetui perpetuity. republicans not pleased with this. already publicly crying foul. the white house says the president has already signed into law one trillion dollars in tax cut last year. they're willing to compromise more, but rig now, both sides seem more dug in than before. >> a day that was pretty grim on that front. thanks very much and that 1.6 trillion, everyone, surprising republicans and a crucial number especi
taxes from going up. and asking the public for help in getting through to the ones he sees as naughty. the historic vote at the u.n. puts palestinian hopes for statehood back in the headlines. but will it bring their dream any closer to reality? i'll ask the palestinian prime minister. and if pictures don't lie, you may be watching a power ball winner learning the good news. but who is he? wolf blitzer's off. i'm joe johns. you're in "the situation room." >>> republicans and democrats now have just 32 days to make a deal or your taxes are going up and more than $1 trillion automatically will be cut from vital federal programs like defense, education and housing assistance. as referred to as the fiscal cliff. and when it comes to doing something to avoid it, house speaker john boehner bluntly told reporters today, there is a stalemate. for his part, president obama is trying to break that stalemate by asking voters to put more pressure on the republicans. cnn chief white house correspondent jessica yellin and chief political correspondent gloria borger join us right now. gloria, guess
to hear. basically geithner said no waw to cut a deal without raising taxes on upper income americans. even though, he said he's optimistic some kind of deal can be reached by the end of the year, and he said 98% of americans will not see a tax rate increase. here's what he told us when we sat down with him. >> i do think we're going to get there because the only thing that stands in the way of an agreement that's good for the economy is if a group of republicans decide they're going to block and increase in tax rates on the wealthiest americans. i think it's unlikely they will choose to do, that of course, because there's so much at stake. >> schieffer: in all seriousness, i'm told mitch mcconnell laughed when you handed in this proposal. is that true? >> they're in a hard position, bob. they really are in a difficult position. and they're going to have to figure out their politics of what they do next and they're trying to figure that out right now. we're going to work very hard at this and we're going to keep talking to each other. and, again, i think we have a very good chance for
. analysts citing fears about a hike in capital gains tax in 2013. rick santelli has been talking about this, though, the things that were up in 2012, those are the things being sold now, whether that be gold or any number of assets that rose appreciably over the course of the last year. we'll be talking about the future of apple and the outlook for its stock a little later this morning with jonathan geller of the boy genius report. >> good old bump on the road on the way to a trillion dollar market cap. got to 600 pretty easily. and now it's back at 500. above 600 i guess. tough to get to a trillion dollar market cap. cisco got to 600 billion once, too. it's at 100 billion. apple still at 500. we talked about are they going to come out with the chartreuse slightly smaller mini ipad. and that's going to be the -- a lot of people waiting in line for that one. >> i do have to say, i'm in the market for a mini ipad. >> not for the max ipad? >> no, i want something smaller to carry around, but bigger than my phone. >> i have a hard time seeing my wife's iphone, so the ipad was a solution for tha
compromise, you lose the core constituency that elected him. >> let's at least get the tax cuts extended for the middle class and deal with the other part later. some people may be happy to kick the can here, at least in the near term. >> i think the president is -- do you think the republicans can deliver on the republicans? i think lloyd blankfein. coming back to that quote to dave cody, terrific guy, he said listen, i find myself in the radical middle. compromise is radical right now. the stock market is saying a deal gets done by jan 1. >> yes, it is. that's what yesterday was all ball -- will lawmakers arrive at a deal to deal with the fiscal cliff? rand paul is defending the northwest pledge not to raise taxes. but the rim rally months on, this time black berberry is on rise. nobody said an inkjet had to be slow. or that printing in color had to cost a fortune. nobody said an all-in-one had to be bulky. or that you had to print from your desk. at least, nobody said it to us. introducing the business smart inkjet all-in-one series from brother. easy to use. it's the ultimate combina
to republicans late yesterday courtesy of tax cheat geithner calls for the following: 1.6 trillion dollar tax increase, increasing rates on incomes over $250,000. 150 billion dollars in new public stimulus spending of which 50 billion would be spent next year. another extension in unemployment benefits, 30 billion. new power to raise the federal debt limit without congressional approval. in other words, an obama blank cheque. that is not all. he also wants the estate tax to be levied at 45% on inheritances a step even democratic senators are balking on this current is 35%. the obama offer contained no serious cuts, no serious reforms to entitlement programs and no serious proposals of tax reform this president had the gall to count savings more than one billion dollars from ending wars in iraq and afghanistan no one has proposed war spending over the next decade that includes cuts to domestic programs agreed to last year, fuzzy washington math. what this is obama's propose last year which received zero votes in the house or senate this is disguised as a so-called compromise offer. don't be fo
house would like to raise tax rates on top earners to where they were in the clinton administration, 39.6%. they would also like to raise $1.6 trillion with new taxes over the next decade, while cutting about $400 billion through entitlement reform. although, those cuts are not specific and not guaranteed. but the treasury secretary says the administration's plan is fiscally responsible and would prevent taxes from going up on 98% of americans. >> we think that is a very good set of proposals. we think it's good for the economy. if they have different suggestions they want to go further in some areas, then they should lay odds with us. >> reporter: secretary geithner said he cannot promise we will not go over the fiscal cliff and whether or not we go over it depends -- is a decision, rather, that lay in the hands of republicans that don't want to increase tax rates. speaker boehner said there is a chance we go over the cliff, but he doesn't want any part of that and he will do everything he can to avert that. eric, jamie? >> eric: peter, negotiations if and when they commence and contin
and with the president and republicans on raising taxes republicans are trying to shift the focus to spending cuts and entitlement reform. >> i hope when tim geithner comes to capitol hill that he will put forward something concrete. so far all we got out of the administration are these demands for higher taxes, they're willing to discuss what is driving federal spending and debt and that is in title and programs. peter: we learned president obama and john boehner spoke for 15 minutes last night. i just bumped into a senior leader among senate democrats and asked him how he felt about this news and he said -- he was more optimistic about these negotiations today. he thought perhaps this man the speaker and the president were exchanging proposals on avoiding the fiscal cliff, john boehner has a press conference at 11:30 after his meeting with tim geithner. connell: we will speak with -- see what the speaker has to say. with all this back and forth, a decent amount of speculation that a deal is starting to take shape. look at the reporting from politico and they put numbers to its save a framework l
the deadlines that we're facing on jobs and taxes and investment. this is not some run of the mill debate. this isn't about which political party can come out on top in negotiations. we've got important decisions to make, and they'll have a real impact on businesses and families all across the country. our ultimate goal, our long-term goal is to get our long-term deficit under control in a way that is balanced and is fair. that would be good for businesses, for our economy, for future generations. i believe both parties can and will work together in the coming weeks to get that done. we know how that gets done. we're iffing to have to raise a little more revenue. we got to cut on the spending we don't need, building on the trillion dollars of spending cuts we've already made, and if we combine those two things, we can create a path where america is paying its bills while still being able to make investments and the things we need to grow like education and infrastructure. so we know how to do that, but in washington nothing is easy, so, you know, there's going to be some prolonged negotia
in new taxes, $400 billion in savings from medicare and other entitlement programs, $50 billion in new stimulus spending, and an additional $285 billion to fund depreciation and mortgage programs, unemployment insurance benefits, and payroll tax cuts. >> this extra spending, that's actually greater than the amount they're willing to cut. i mean, it's -- it was not a serious proposal. >> while his aides were on capitol hill offering up the opening bid, the president was making his case in pennsylvania campaign style. >> at the end of the day a clear majority of americans, democrats, republicans, independents, they agreed with a balanced approach. deficit reduction. >> after the president's remarks, i spoke with his main man on the fiscal cliff, treasury secretary tim geithner. >> let me ask you, the reaction to your going up on the hill and saying this is basically the white house position has been -- mitch mcconnell saying i think it was just demeaning for them to ask the treasury secretary to come up here and give a proposal like this and by this we have people saying it's a sham, it'
time ago saying he'll answer questions about the cliff, his proposal and pending tax hikes on the official white house twitter feed. press secretary jay carney insisted the white house is still optimistic it can reach a deal with congressional republicans. >> there has been progress, and we can achieve a bipartisan agreement. the obstacle remains at this point the refusal to acknowledge by republican leaders that there is no deal that achieves the kind of balance that is necessary without raising rates on the top 2%. >> and there are just 29 days to go for the two parties to find some sort of middle ground, and joining me now from the white house nbc news correspondent kristen welker. what's the back story on this it twitter q and a for the president, which should start any minute now? >> reporter: that's right. this is part of president obama's full court press to get the public on board to pressure republicans to sign on to his plan to increase taxes for those making $250,000 or more. he had his first twitter town hall in 2011 when he answered questions about jobs and the
yesterday. $1.6 trillion in tax cuts. $400 billion in cuts to medicare and other entitlement programs. $50 billion additional in stimulus spending. no real structural reform to entitlement programs. no spending cuts. instead, stimulus spending. obviously, the president knew that this would be an unacceptable first offer. so what is the end game here? where is the president's bottom line? >> listen, this is a negotiation. it isn't about the president's bottom line or my bottom line or yours. it's a negotiation. and the sad part is, that the administration, the president, has laid down an offer. there's several things in there we know the republicans like, and yet they refuse to lay down an offer. all they do is come out, and mitch mcconnell laughs, and boehner says it's terrible. there's a fiscal cliff, and this offer isn't good. show me the money, folks. you have the power. you're bragging about the fact that you kept the house. good. show us your offer. put down your offer. now, here's my view on this. and it is the same as the president's in this respect. rough the biggest aspects of the
the american people said? 60% said income tax rates should be raised. >> right. >> 55% said the economic system favors the wealthy. 65% legal status for illegal immigrant. 59% said abortion should be legal. and they are still saying that their ideas carried the day? >> stewart stevens has written a lot of good fiction and another life he writes books and they are kind of good. but if you just slice off a piece of the electorate that we won, then we won those ideas, that doesn't make any sense and it's not actually -- look, we can take a step back and say, what is right for the country? but republicans first have to say what is right for republicans? if republicans want to win these kinds of elections, they have to appeal to more people, not what stewart stevens said, which is somehow the liberal coalition turned into a strength. as if they are still playing the argument that this guy is a fluke. the president is a remarkable coincidence of fate. the republican party will never find the majority of the republican party again. >> karen, not a fluke. let me tell you, president obama won bigger tha
and said it is republicans who aren't making any serious offer on more tax revenues. >> so right now all eyes on the white house. the country does not need a victory lap, it needs leadership. tell the american people with spending cuts they are willing to make. >> if it happened, it will be under the leadership of the house. for a balanced agreement, we need republicans to come forward with something. >> speaker john boehner said this is a moment for adult leadership, a stab at the president there. melissa: my goodness. i understand mitt romney is coming to the white house for that lunch. i don't know, what is everybody expect to come from that? >> the president said the president wanted to talk to governor romney about ideas to make it more efficient. praising the management of the 2002 olympics, said he did a good job there. governor romney is one that raised the ideas happen deductions for tax for people to come up with as far as tax reform, come up with more tax revenue. melissa: thank you so much for your input, peter barnes. lori: what is on the menu? got to give a shout out. there
. reach edson with the very latest. rich: $800 billion in revenue increases through a tax overhaul. republicans are still opposed to any tax rate increases in this plan. in a show bipartisanship, republicans say they have co-opt these details from a plant bernsen bowls offered last year. in this letter to the president, republican leaders right this is by no means an adequate long-term solution. it will require fundamental entitlement reform. indeed, though both plant is the exact type of imperfect, but fair one without hurting our economy and creating jobs. today, the white house has demanded an offer from republicans. they now have one. back to you. llri: rich edson, and he thinks. the market is taking a breather today. dupont and 3m are the biggest draggers on the dow. early stocks rising out of the gate out of some good news out of china over the night. hitting a seven month high, but then the u.s. isf number hit at 10:00 a.m. eastern and a wave of selling. manufacturing activity contracted in november. they say the factory index came in at 49.5 in november. down from almost 52
president obama's proposal which includes a $1.6 trillion tax increase, a $50 billion economic stimulus package and new power to increase the debt ceiling without congressional approval. the offer featured higher tax rates for households making over $250,000 a year. a one year postponement of the sequester and about $400 billion in savings over ten years for medicare and other entitlement programs. >> despite the claims that the president supports a -- >> thousand is the time fnow is republicans to move past the happy talk about revenues, ill defined, of course, and put specifics on the table. the president has made his proposal. we need a proposal from them. >> today president obama is taking his pitch on the road. he will be visiting the philadelphia suburbs employing campaign style tactics in hopes of mobilizing the public to his side. he'll be speaking at a manufacturing facility arguing that businesses it depend on middle class consumers over the holiday season. despite all this, you see the futures today indicating higher. dow up by about 35. does that surprise you guys? >> no, i
the standoff with your tax bill riding on the out come. unless an agreement is reached by the end of the month, bush-era tax cuts will expire triggering a rise in taxes by an average of 5%. that means a middle-class family will pay $2,000 more in taxes and married couples would be hurt because of marriage penalty. it doesn't include the budget consequences. $55 billion would be cut from the pentagon and another $55 billion slashed from domestic programs. an estimated 2 million jobs could be lost pushing the economy back into a recession adding to the misery to those facing tough times by ending jobless benefits for the long term unemployed. steve is live in washington. where do we stand at this point? >> reporter: two sides did do something today. they appeared on the sunday talk shows but they haven't negotiated an actual deal. john boehner blasted the white house plan which was put forward last week. boehner says the president essentially wasted the last three weeks since the election with nonsense. >> the president is asking for $1.6 trillion worth of new revenue over ten years, twice as mu
, though, seem to be at a stalemate. yesterday with just 29 days until tax hikes and deep spending cuts kick in. both republicans and the democrats were running to the airwaves to try to explain their positions. here's what they said. >> what we're not going to do is extend those tax cuts with the wealthiest americans. those cost a trillion dollars over ten years and there's no possibility that we're going to find a way to get our fiscal house in order without those tax rates going back up. >> nobody wants to go over the cliff. that's why the day after the election i tried to speed this process up by making the concession to put revenues on the table. it's unfortunate that the white house has spent three weeks doing basically nothing. >> the administration has presented a plan that calls for $1.6 trillion in new tax revenues. $400 billion in cuts to medicare and other entitlements. $50 billion for a new stimulus and congress would have to give up control over raising the debt limit. republicans have indicated that they want to raise revenue by lowering tax deductions, haven't given any
the other of not taking the situation seriously as tax hikes, rather, speakerration of the bush tax cuts will take effect. so taxes will go up unless someone does something. today, geithner met with the power players on the hill. the president says any deal has to raise taxes on families earning more than $250,000 a year. republicans say that is something they "could" be willing to consider but if and only if the president meets them halfway. house speaker boehner says they are not any closer to a deal publicly. >> all eyes or on the white house. the country doesn't need a victory lap but leadership. it is time for the president and congressional democrats to tell the american people what spending cuts they are willing to make. >>shepard: the democrats say any are open to spending cuts but no one has been specific. no one is specific. they say the republicans will not answer serious solutions. >> let them come forward with something. the issue is simple as was shown during all the presidential debates and during all the conversation during the campaign you cannot get from here to there u
this summer in july, i guess it was july 24, a tax cut for middle-class families, meaning we would continue the tax rates for those families. that kind of certainty is badly needed right now. so one of the best things that could rap right now is the house could vote and the president would sign into law legislation that would provide certainty for middle-class families. 98% of american families, and some 97% of small businesses. so it's time for the house to act. secondly, i think we have to take steps to make sure that we're creating jobs at a faster pace, as i mentioned before. i'm introducing legislation today to help middle-class families and -- middle noik families and to boost hiring. it would expand the payroll tax cut from last year for one year and give employers a tax credit for hiring. and i'll be talking about that legislation. now, the payroll cut that we -- tax cut that we put into place last year had a number of benefits. i won't go through all of those today but the joint economic committee, the committee of which i'm the chairman, just put out a report in the last 24 hours,
with the leadership on the tax issue. there's talk now that some republicans might be willing to accept higher taxes for the wealthy. this would be a break-through. we're monitoring that. now to what sue was talking about on apple. there are some firms raising margin requirements. i think the main catalyst today was an at&t investor conference where executives of at&t gave sales figures for smartphones for the first two months of the quarter that basically implied sales will be flat for the quarter compared to the same period last year. this includes smartphones, samsung as well as the iphone. the concern is that iphone sales might disappoint a little bit here. ipad shares may be on the weak side of the tablet market. >>> citigroup laying off 1,000 people and the financials are the bright spot of the day. very depressing story, frankly. >> it is at this time year to lose that many jobs. thank you, bob pisani. we'll cover apple in-depth later in the hour. >>> it is worth taking another look at citi. trading up almost 6.5% at $36.49. the banking giant slashing 11,000 jobs, taking up to $1 billion in c
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